ScotianBot

OH NO, Don't tell me this is a Descending Triangle.

BITFINEX:BTCUSD   Bitcoin
In my previous post linked to this one i talked about the 200 Day MA playing as the floor of a hidden descending trianlge, this may actually take place.

There was a slight fake out to the upside indicating a bull flag breakout, but it didn't sustain momentum & it's likely going to result in this being a giant descending triangle.

Only Time will tell, but we slipped under the 200 Day MA several times on a 5 day chart as well, and on the daily we're currently below it.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.